ACAMS CAMS RELIABLE DUMP RELIABLE IT CERTIFICATIONS | CAMS: CERTIFIED ANTI-MONEY LAUNDERING SPECIALISTS

ACAMS CAMS Reliable Dump Reliable IT Certifications | CAMS: Certified Anti-Money Laundering Specialists

ACAMS CAMS Reliable Dump Reliable IT Certifications | CAMS: Certified Anti-Money Laundering Specialists

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q321-Q326):

NEW QUESTION # 321
Which of the following is the best action to take regarding a particular account once suspicious activity is reported by the institution?

  • A. Immediately close the account.
  • B. Notify the client that the transaction has been reported.
  • C. Freeze the funds pending notification from the competent authority.
  • D. Secure all supporting documentation.

Answer: D


NEW QUESTION # 322
Which three stages of money laundering are on-line banking vulnerable to?

  • A. Placement
  • B. Integration
  • C. Structuring
  • D. Layering

Answer: A,B,D

Explanation:
Online banking is vulnerable to all three stages of money laundering, namely placement, layering, and integration, because it allows the movement of funds across different accounts, jurisdictions, and institutions with speed, anonymity, and convenience. Online banking can facilitate the following money laundering methods:
Placement: The initial stage of money laundering, where illicit funds are introduced into the financial system. Online banking can enable placement by allowing the deposit of cash or checks through ATMs, mobile devices, or remote deposit capture, or the transfer of funds from prepaid cards, digital wallets, or cryptocurrencies to bank accounts.
Layering: The second stage of money laundering, where illicit funds are moved, disguised, or concealed to obscure their origin and ownership. Online banking can enable layering by allowing the transfer of funds between multiple accounts, often in different jurisdictions or currencies, or the purchase of financial products or services, such as money orders, wire transfers, or online gambling, that create complex transaction trails.
Integration: The final stage of money laundering, where illicit funds are reintroduced into the legitimate economy as apparently legal income or assets. Online banking can enable integration by allowing the transfer of funds to legitimate businesses, investments, or charities, or the purchase of goods or services, such as real estate, luxury items, or travel, that provide a cover for the source of funds.
Reference:
ACAMS CAMS Certification Video Training Course1, Module 2: Money Laundering Risks and Methods, Lesson 2.1: The Three Stages of Money Laundering ACAMS CAMS Study Guide, 6th Edition2, Chapter 2: Money Laundering Risks and Methods, Section 2.1: The Three Stages of Money Laundering, pp. 29-34 ACAMS CAMS Examination Preparation Seminar, 6th Edition3, Chapter 2: Money Laundering Risks and Methods, Section 2.1: The Three Stages of Money Laundering, Slides 9-13


NEW QUESTION # 323
When assessing and managing money laundering risks while operating in foreign jurisdictions different from that of the head office, an effective AML monitoring program should:

  • A. conform to the foreign jurisdiction policies to align with the head office policies.
  • B. be tailored to the higher of standards between the jurisdictions.
  • C. be consistent with the head office audits.
  • D. provide all foreign jurisdiction reports to the head office for approval.

Answer: A

Explanation:
Explanation
When assessing and managing money laundering risks while operating in foreign jurisdictions different from that of the head office, an effective AML monitoring program should conform to the foreign jurisdiction policies to align with the head office policies. This ensures that the organization's AML/CFT risk management remains consistent across all jurisdictions, while allowing local compliance staff to assess and manage the risks specific to their jurisdiction. Additionally, the program should be tailored to the higher of standards between the jurisdictions, and should be consistent with the head office audits. Providing all foreign jurisdiction reports to the head office for approval is not necessary, as long as the program is consistent with the head office policies.


NEW QUESTION # 324
A recent anti-money laundering audit revealed several regulatory reporting violations and lapses with the organization's anti-money laundering policy. As a result, the compliance officer has created a follow-up matrix to document progress in correcting the identified deficiencies.
To whom should the compliance officer provide regular updates of corrective action to help ensure the appropriate oversight?

  • A. Designated board committee
  • B. Business line managers
  • C. Audit management
  • D. Human Resources

Answer: A

Explanation:
The compliance officer should provide regular updates of corrective action to the designated board committee, as they are ultimately responsible for the oversight of the organization's anti-money laundering program. The board committee should be informed of the audit findings, the corrective action plan, the progress and challenges, and the completion of the remediation. This will help ensure that the board committee is aware of the risks and issues, and can provide guidance and support to the compliance officer and the management.
References: =
ACAMS CAMS Certification Study Guide 6th Edition, Chapter 2, page 671
ACAMS CAMS Certification Exam Outline, Domain 2, Task 2.52
ACAMS CAMS Certification Flashcards, Question 893


NEW QUESTION # 325
the Financing of Terrorism (CFT)]
A financial institution (FI) has decided to revamp its compliance program to be more risk-based. Which option should the FI use as part of the new risk-based compliance program?

  • A. Leadership-based
  • B. Data-based
  • C. Predictive-based
  • D. Transaction-based

Answer: B

Explanation:
A risk-based compliance program is one that identifies and prioritizes the highest compliance risks to the FI and implements controls, policies and procedures to mitigate them. A data-based option is the most suitable for a risk-based compliance program, as it allows the FI to collect, analyze and monitor relevant data on its customers, transactions, products, services, geographies and other risk factors. A data-based option also enables the FI to measure the effectiveness of its compliance program and adjust it as needed to respond to changing risks and regulatory expectations12.
:
1: Risk-Based Approach to Compliance Management2
2: A Risk-Based Approach to Regulatory Compliance1
Reference: https://www.ifc.org/wps/wcm/connect/e7e10e94-3cd8-4f4c-b6f8-1e14ea9eff80
/45464_IFC_AML_Report.pdf?MOD=AJPERES&CVID=mKKNshy


NEW QUESTION # 326
......

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